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Category Archives: TILA / RESPA

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CFPB Publishes Updated Versions of Small Entity Compliance Guide and Guide To Forms

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB has posted on its TILA-RESPA implementation webpage updated versions of its Small Entity Compliance Guide and Guide to Loan Estimate and Closing Disclosure Forms.  The updates focus on various guidance provided in recent TILA/RESPA Integrated Disclosure (TRID) rule webinars provided by the Bureau.  We have previously addressed the content of the March 1,… More >

Breaking News: In PHH v. CFPB, D.C. Circuit Holds that CFPB Structure is Unconstitutional

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

The D.C. Circuit issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million on PHH for its use of a captive (wholly-owned) mortgage reinsurer, the court made several landmark rulings. First, it held that the CFPB’s… More >

CFPB Updates Webinar Question Index

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB has posted on its website an updated index to include the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the March 1, 2016 and April 12, 2016 webinars on the rule conducted by CFPB staff. The updated index identifies the questions addressed in all seven of the TRID… More >

High Court’s Encino Decision Means No Deference for CFPB View on RESPA, PHH Argues

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

On June 23, PHH filed a letter in the D.C. Circuit supplementing its appeal briefing in PHH Corp v. CFPB, No. 15-1177. For those of you who may have missed our prior posts on this, PHH is appealing a decision made by CFPB Director Richard Cordray while sitting as the CFPB’s administrative appellate judge. In that capacity,… More >

CFPB Publishes New Annotated Loan Disclosures

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in Lending Act (TILA). The CFPB sent an original email on May 12, and then an updated email on May… More >

CFPB To Reopen TRID Rulemaking

Posted in CFPB General, Mortgages, TILA / RESPA

In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule. The Bureau announced the Notice of Proposed Rulemaking (NPRM) would likely be issued in late July. In a change of… More >

CFPB Director Cordray Responds to Senator Corker Letter

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible remediation methods for such errors. Senator Corker commented in his letter that “there appears to be an overarching concern that the rule’s… More >

CFPB Staff Presents Second TRID Rule Webinar for 2016

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB staff presented an informational webinar on Tuesday, April 12, 2016, to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule.  The webinar, titled Know Before You Owe Mortgage Disclosure Rule: Post-Effective Date Questions & Guidance, focused on responding to specific industry raised questions.  Specific topics of discussion included: Determining what fees must… More >

CFPB issues second rule to implement the HELP Act, expanding Qualified Mortgage coverage for lenders lending in rural and underserved areas

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

As we have addressed, Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being “rural” under Regulation Z of TILA.   The HELP Act was passed after the CFPB issued a final rule to expand the… More >

CFPB Posts Latest TRID Webinar

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB updated its regulatory implementation materials to incorporate the recording of its March 1st presentation titled Know Before You Owe Mortgage Disclosure Rule – Construction Lending. The presentation focused on complying with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with construction-to-permanent loans. The presentation, about which we had previously written, covered loans that… More >

CFPB Staff Will Present TRID Rule Webinar

Posted in CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB staff will present an informational webinar on Tuesday, April 12, 2016 to address issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with questions that have been raised since the rule took effect on October 3, 2015. No further information has been provided with regard to the content of the webinar, titled… More >

Survey Says: TRID Extends Processing Times and Limits Products Offered

Posted in CFPB General, Mortgages, TILA / RESPA

The American Bankers Association (ABA) has released findings from its recent 2016 ABA TRID Survey focusing on the TILA/RESPA Integrated Disclosure (TRID) rule’s effect on the residential mortgage lending market. The findings, which can be found here, tell the story of increased processing times, fewer products, and substantial closing delays. The survey of 548 banker… More >

CFPB Staff Presents TRID Rule Webinar

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB staff presented an informational webinar on Tuesday, March 1, 2016 to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with construction-to-permanent loans. These are loans that have a single closing and include a construction phase and a permanent phase. The presentation on construction lending follows a rather lackluster “fact… More >

CFPB outlines exam priorities for 2016

Posted in CFPB Exams, CFPB General, Mortgages, TILA / RESPA

The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated Disclosures (TRID) rule, and marketing service agreements. Speaking at the California MBA Legal Issues Conference, Calvin Hagins indicated that CFPB examiners will spend a substantial amount of… More >

Transitional period and initial supervisory practice over TRID

Posted in CFPB Enforcement, CFPB Rulemaking, Federal Agencies, Hot Issues, Mortgages, TILA / RESPA

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule on October 3, 2015. In the letter, the CFPB noted that it and the other FFIEC member agencies recognized the… More >

Director Corday testifies before House Committee on Financial Services

Posted in Arbitration, Auto Finance, CFPB General, Mortgages, Payday Lending, TILA / RESPA

On Wednesday, September 29, CFPB Director Richard Cordray appeared before the House Committee on Financial Services to answer questions regarding the Bureau’s activities since March. Director Cordray used his introductory remarks to highlight the expansion of the marketplace for consumer credit over the last year. He specifically noted increases in home mortgage lending, auto loan origination… More >

Director Cordray to testify tomorrow before House Committee on Financial Services

Posted in Arbitration, Auto Finance, CFPB General, Fair Lending, TILA / RESPA

On Tuesday, September 29, Director Cordray will testify once again before the House Committee on Financial Services at 10 am.   The Hearing is entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection”. While I’m not expecting Director Cordray ‘s prepared remarks to announce any new development, it seems likely that he’ll be… More >

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on the CFPB proposal to adopt these amendments. The CFPB believes that small creditors play an important… More >

CFPB updates TILA-RESPA implementation materials

Posted in CFPB Rulemaking, TILA / RESPA

The CFPB has updated the TILA-RESPA implementation materials and resources to make them consistent with the new October 3 effective date for the TILA-RESPA final rule. Specifically, updates have been made to the TILA-RESPA Integrated Disclosures Guide to the Loan Estimate and Closing Disclosure forms, the TILA-RESPA Integrated Disclosure Small Entity Compliance Guide, and the… More >

CFPB issues Spanish edition of “Your Home Loan Toolkit”

Posted in CFPB General, TILA / RESPA

The CFPB has issued a Spanish version of “Your Home Loan Toolkit” (“Toolkit”), that is designed to be used with disclosures provided under the TILA/RESPA Integrated Disclosure (“TRID”) rule.  The Toolkit will replace the current “Settlement Cost Booklet” (also known as the “Special Information Booklet”) when the TRID rule goes into effect on October 3,… More >

CFPB officially moves TRID effective date to October 3

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Richard Cordray, TILA / RESPA

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015.  The final rule also includes certain technical amendments to reflect the new effective date.  The provisions of the final rule related to the delay in the effective date, are effective… More >

CFPB releases video of “final” webinar on TILA-RESPA Integrated Disclosure rule

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

The CFPB has posted a video of its May 26th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule. The webinar was the fifth in a series to address specific questions related to rule interpretation and implementation challenges that have been raised by creditors, mortgage brokers, settlement agents software developers, and other industry… More >

FDIC revises examination procedures to incorporate TILA/RESPA integrated disclosures

Posted in Mortgages, TILA / RESPA

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule.  The CFPB has issued a proposal to postpone the TRID rule’s effective date from August 1 to October 3, 2015. The revised procedures also reflect the following amendments to other provisions of TILA Regulation Z and… More >